Daily Bulletin
Tacirler Investment
Good morning. After a one-day holiday, U.S. markets started the week on a positive note, driven by company-specific news flows. We also see that European markets and futures indices remain on the optimistic side this morning. In Asia, however, there is a mixed outlook. The BIST 100 index struggled to stay above the 10,000 level throughout yesterday but ended the day just below it, closing at 9,999.55 points due to selling pressure towards the close. Near-term technical indicators maintain a positive outlook. The 10,150 - 10,300 resistance zone remains on the radar, while the 9,900 – 9,950 range can be monitored as the nearest support area. A medium-term trend indicator, the MACD, using the commonly preferred 26, 12 parameters, is approaching a buy signal. Today’s macroeconomic calendar is extremely quiet. We are in a period where political developments, both domestically and internationally, carry increased weight on the markets. In addition to this, tomorrow’s PPK interest rate decision and Friday’s growth-oriented data in Europe and the U.S., along with Moody’s credit rating decision on Turkey, which will be announced after domestic markets close, are key events to follow. A 250 basis points rate cut is expected from the PPK, while a credit rating upgrade is anticipated from Moody’s. Whether the outlook will be maintained at "Positive" will be critical. Meanwhile, Turkey’s 5-year CDS premiums are starting the day at 270 basis points.